Pacific Crest Downgrades World Wrestling Entertainment (WWE) to Sector Weight
- Unemployment Rate Drops to 4.6%
- Unusual 11 Mid-Day Movers 12/2: (ASNA) (HTBX) (REPH) Higher; (PLX) (MEMP) (DRYS) Lower
- Bond yields fall on U.S. jobs data, euro flat before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Pacific Crest downgraded World Wrestling Entertainment (NYSE: WWE) from Overweight to Sector Weight and removed its price target. Analyst Evan Wingren said gross add declines prompted the downgraade.
"Declining U.S. TV ratings and gross additions suggest incremental growth in U.S. subscribers will be more moderate than we previously expected. We believe WWE's long-term guidance of 3 million to 4 million global subscribers requires at least 2 million U.S. subscribers. While this is still possible, it appears less likely. We believe M&A could still be a driver for the shares, but we would need a stronger sense that a medium-term event is likely before recommending investors buy shares," said Wingren.
Shares of World Wrestling Entertainment closed at $19.17 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Downgrades Kroger (KR) to Hold
- Needham & Company Downgrades Vascular Solutions (VASC) to Hold Amid Takeover
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Related EntitiesPacific Crest Securities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!